12 November,2009 12:07 PM IST | | PTI
IT bellwether Infosys Technologies today said its subsidiary Infosys BPO will acquire US-based McCamish Systems for an initial payment of USD 38 million (about Rs 176.6 crore).
Infosys BPO has signed a definitive agreement to acquire all the outstanding interests of McCamish Systems LLC, Infosys Tech said in a filing to the Bombay Stock Exchange.
"The upfront consideration for the deal is USD 38 million, with up to an additional USD 20 million payable to the sellers if McCamish Systems achieves certain financial targets in the future," the company added.
The acquisition is expected to be completed later this year. "We look forward to this combination with McCamish, and welcome an exceptional group of professionals with strong skill sets to the Infosys family who will enrich our service capabilities in the USA," Infosys BPO CEO & MD Amitabh Chaudhry said.
ALSO READ
Sensex, Nifty decline after hitting fresh record high levels in opening trade
Infosys to Introduce High-Performance Generative AI-Powered Telco Solutions Based on NVIDIA NIMs
Infosys Joins Stanford HAI Affiliate Program to Accelerate Enterprise AI Research Initiatives
Strong client interest on GenAI; don't foresee layoffs within Infosys from new-age tech: CEO Salil Parekh
Infosys scouting for acquisitions; more buys matching 'in-tech' scale possible, says CEO Salil Parekh
The acquisitions is expected to enhance Infosys' capability to provide complete business solutions for insurance and financial industries.
"Infosys BPO has in-depth knowledge of the insurance and financial services sector, and this deal reinforces our relationship position in providing business platform services," Chaudhry said.
The combination is likely to enable McCamish to serve larger portfolio of transactions for clients and expand into global markets. Shares of Infosys Technologies were trading at Rs 2,336 on the BSE, up 1.18 per cent from its previous close.
